EIB Grants €390 Million to DEPA Commercial for Large-Scale Solar Projects in Greece

EIB Grants €390 Million to DEPA Commercial for Large-Scale Solar Projects in Greece

(IN BRIEF) The European Investment Bank (EIB) has provided a €390 million loan to Greek energy supplier DEPA Commercial SA to build and operate solar-energy farms in Greece. This loan supports DEPA’s €500 million renewable energy investment plans, with new photovoltaic parks planned for western Macedonia, Thessaly, and central Greece, adding approximately 800 megawatts of renewable energy. The funding aligns with the EIB’s commitment to equitable growth and supports the EU’s RepowerEU plan to reduce fossil-fuel dependence and achieve climate neutrality by 2050.

(PRESS RELEASE) LUXEMBOURG, 24-Jul-2024 — /EuropaWire/ — The European Investment Bank (EIB) has granted a €390 million loan to Greek energy supplier DEPA Commercial SA for the development and operation of solar-energy farms throughout Greece. This funding, which covers 75% of the total €521 million cost, supports DEPA Commercial’s €500 million renewable energy investment plans over the next four years. The new photovoltaic (PV) parks will be located in western Macedonia, Thessaly, and central Greece, collectively adding approximately 800 megawatts of renewable energy capacity—enough to power around 278,000 households annually.

The EIB’s investment aligns with its commitment to equitable growth and the convergence of living standards, as it targets “cohesion” regions with below-average per-capita income in the EU. The loan agreements were signed in Athens by EIB Vice-President Ioannis Tsakiris, DEPA Commercial CEO Konstantinos Xifaras, and Chairman Ioannis Papadopoulos, with Greece’s Minister of Economy and Finance Kostis Hatzidakis and Minister of Environment and Energy Theodoros Skylakakis in attendance.

Finance Minister Kostis Hatzidakis praised the agreement, highlighting its support for DEPA Commercial’s new plans. Environment and Energy Minister Theodoros Skylakakis emphasized the multifaceted benefits of such investments, including reduced electricity costs for consumers and enhanced energy security, contributing to Greece’s energy independence.

EIB Vice-President Ioannis Tsakiris noted the importance of scaling up energy investments to improve network reliability, leverage Greece’s solar potential, and advance the country’s energy transition. DEPA CEO Konstantinos Xifaras expressed the company’s commitment to sustainability and energy security, aligning with Greece’s green transition goals and European climate objectives.

This financing is part of the EIB’s broader support for the EU’s RepowerEU plan, aimed at reducing fossil-fuel dependence, accelerating the green transition, and achieving climate neutrality by 2050. Since 1964, the EIB has invested over €4.3 billion in Greek energy projects, enhancing renewable energy integration, energy efficiency, and grid connectivity.

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Greece of €2.5 billion in 2023, 33% of which went to supporting sustainable energy and natural resources projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

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SOURCE: European Investment Bank